2800 Vail Ave SE Unit 105

Albuquerque, NM 87106

$111,000F

1 bd · 1.0 ba · 590 sqft · Built 1974 · Condo · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,034/mo
• Mortgage (P&I): −$582
• Tax + insurance: −$185
• HOA: −$325
• Vac / Maint / Mgmt: −$217
• Net cashflow: $-275/mo
• Annual: $-3,300/yr
• Cap rate: 3.32%
• Cash-on-cash: -10.62%
• DSCR: 0.53
• 1% rule: 0.93%
• Cash to close: $31,080

Investor read

• This is a 1-bed/1.0-bath condo listed at $111k. Condition is rated fair.
• At list price, monthly cash flow is $-275 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $71k (35.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (6.8% below list).
• It's been on market 99 days — a 9% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $71k (35.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $767 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#13 in NM) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Albuquerque Public Schools (urban): math 51% / reading 75% proficiency, ranked #3 of 29 in NM (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bandelier Elementary (453 students, 34% FRL); Wilson Middle (401 students, 100% FRL); Albuquerque High (math 52% / reading 77%, grade B-, #22 of 110 statewide, top 22%, 1,714 students, 45% FRL) — zoned schools at 60% FRL track the district average.
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents flat; 255 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 73d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 72% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 99 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.

Repairs flagged (vision-AI assessment)

• Minor: kitchen backsplash — tile appears slightly worn
• Minor: bathroom fixtures — standard fixtures
• Minor: exterior paint — red stucco walls need touch-up